HIGHLIGHTS
Realized a gain of $5.5 million in the three months ended June 30, 2024 as a result of the disposition of underutilized infrastructure at its Northville property for cash consideration of $8.5 million and also received a cash settlement of a contract for $2.3 million as part of the transaction;
Achieved net earnings of $6.5 million ($0.55 per basic share) in the three months ended June 30, 2024 as a result of the $5.5 million gain on disposition and receipt of the contract settlement payment of $2.3 million in the second quarter;
Generated adjusted funds flow(1) of $2.8 million ($0.24 per basic share(2)) in the three months ended June 30, 2024;
Repaid all bank debt in the three months ended June 30, 2024 utilizing adjusted funds flow resulting in no outstanding borrowings at the end of the quarter;
Acquired approximately 100 barrels of oil equivalent per day ("boe/d") of oil weighted, low decline production for $2.3 million in the North Pembina area;
Acquired a significant undeveloped land position in North Pembina area for $0.9 million; and
Further strengthened the Company's financial position with positive working capital of $0.7 million and cash on hand of $5.1 million as at June 30, 2024.
Notes
(1)
"Adjusted funds flow" is a capital management measures that do not have any standardized meaning as prescribed by International Financial Reporting Standards and therefore may not be comparable with the calculations of similar measures of other entities. See "Non-IFRS Measures" contained within this press release.
(2)
Supplementary financial measure that does not have any standardized meaning as prescribed by International Financial Reporting Standards and therefore may not be comparable with the calculations of similar measures of other entities. See "Non-IFRS Measures" contained within this press release.
FINANCIAL and OPERATING HIGHLIGHTS
Financial
Three months ended
Six months ended
($ thousands except per
share amounts)
June 30
2024
June 30
2023
% Change
June 30
2024
June 30,2023
% Change
Oil and natural gas sales
4,975
4,985
-
10,505
12,119
(13)
Adjusted funds flow (1)
2,790
843
231
3,969
2,373
67
Per share, basic (2)
0.24
0.07
243
0.34
0.20
70
Per share, diluted (2)
0.22
0.07
214
0.31
0.20
55
Cash provided by operating activities
1,764
224
688
2,962
2,134
39
Per share, basic
0.15
0.02
650
0.25
0.18
39
Per share - diluted
0.14
0.02
600
0.23
0.18
28
Net earnings (loss)
6,506
(840)
875
5,414
(1,593)
440
Per share, basic
0.55
(0.07)
841
0.46
(0.14)
429
Per share - diluted
0.51
(0.07)
829
0.43
(0.14)
407
Net debt (surplus) (1)
(4,580)
(1,245)
-
Average shares outstanding
11,763
11,724
-
11,763
11,712
-
(1)
Capital management measure that does not have any standardized meaning as prescribed by International Financial Reporting Standards and therefore may not be comparable with the calculations of similar measures of other entities. See "Non-IFRS Measures" contained within this press release.
(2)
Supplementary financial measure that does not have any standardized meaning as prescribed by International Financial Reporting Standards and therefore may not be comparable with the calculations of similar measures of other entities.See "Non-IFRS Measures" contained within this press release.
Production
Three months ended
Six months ended
June 30
2024
June 30
2023
% Change
June 30
2024
June 30
2023
% Change
Oil, bbl/d
333
315
6
347
376
(8)
Natural gas liquids, bbl/d
383
354
8
407
378
8
Total liquids, bbl/d
716
669
7
754
754
-
Natural gas, mcf/d
4,784
4,660
3
4,916
5,209
(6)
Total, boe/d
1,513
1,446
5
1,574
1,622
(3)
Realized sales prices (1)
Three months ended
Six months ended
June 30
2024
June 30
2023
% Change
June 30
2024
June 30
2023
% Change
Oil, $/bbl
102.21
93.99
9
95.23
93.45
2
NGLs, $/bbl
37.78
38.89
(3)
37.91
43.75
(13)
Natural gas, $/mcf
1.29
2.45
(47)
1.88
2.93
(36)
Total, $/boe
36.12
37.91
(5)
36.68
41.27
(11)
(1)
Supplementary financial measure that does not have any standardized meaning as prescribed by International Financial Reporting Standards and therefore may not be comparable with the calculations of similar measures of other entities. See "Non-IFRS Measures" contained within this press release.
Netback analysis (1)
Three months ended
